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BALANCED-BUDGET MULTIPLIER: The ratio of the change in aggregate output (GDP) to a change in government spending, which are matched by an equal change in taxes. This is termed a balanced-budget multiplier because the change in spending is matched by the change in taxes and thus the government's budget deficit or surplus is neither increased nor decreased. If the government had a balanced budget before the changes, then it has one after the changes.

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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control Page: 7 of 24

Topic: Selling Side <=PAGE BACK | PAGE NEXT=>

  • A review of the notion of market control:

  • Market control is the ability of a firm to control the price and/or quantity of the good sold.
  • Market control depends on the number of participants in the market.

  • The notion of market control is typically discussed in the context of the selling side of a market.

  • Market control on the selling side of the market is most important for the analysis of product markets.

  • For factor markets, market control on the buying side tends to be more important.


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PERFECTLY ELASTIC

An elasticity alternative in which infinitesimally small changes in one variable (usually price) cause infinitely large changes in another variable (usually quantity). Quantity is infinitely responsive to price. Any change in price, no matter how small, triggers an infinite change in quantity. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Perfectly elastic is one of five elasticity alternatives. The other four are perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.

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